January canola is up $.70 per metric ton (mt), Dec soybean oil is up .68 cents per pound, February European rapeseed is up 2.00 euro per mt and December Malaysian palm oil is up .29%. Dec oats are up 4 1/4 cent per bushel. December crude oil is down $.25 per barrel, December ULSD is up $.0166 per gallon, and the December Canadian dollar is up .00030 at .71390. The December U.S. Dollar Index is up .114 at 99.585 and the December Brazilian real is up .00065 at 0.18720.

Grain and oilseed markets are strong at midday with soybean oil adding to its gains. Canola remains the weakest link so far. As mentioned earlier, the potential for the shutdown to end with work toward increasing biofuel production resuming should be supportive to soybean oil, and that does appear to be the case.

Another strong week for U.S. exports was just reported with corn inspections coming out this morning at 1.425 mmt. That was within the (wide) range of estimates but slightly below last week's (upwardly revised) 1.712 mmt and well above last year's 807,400 mt. It leaves shipments-to-date at 66% ahead of last year while the USDA is expecting an annual increase of just 5%. Wheat inspections were respectable at 290,500 mt, down from 350,300 mt last week and 353,900 mt last year. To date, shipments of wheat are 19% ahead of last year while the USDA is expecting a 16% annual increase. To round it out, soybean inspections came in at 1.088 mmt compared to (upwardly revised) 984,900 mt last week and 2.363 mmt last year. That puts year-to-date totals trailing last year by 42% with the USDA expecting an annual decline of 10%. With the China trade deal just starting to result in sales, the gap should narrow in the months ahead.

Outside markets are retracing many of the initial reactions to the potential re-opening of the government. Treasuries are still weaker but not as much, equities are still higher but again, not as much. Energy markets are now mixed the other way around with diesel recovering and crude oil giving up early gains. Even the U.S. dollar has shrugged off early losses to trade higher on the day. Gold is the one constant, still almost $90/ounce higher.

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